USDJPY on Wednesday dropped -0.07% to 134.90. Pair in consolidation. What we know.

USDJPY by TradingView

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.07%	-9.3 Pips
Week to-date	0.59%	78.6 Pips
February	3.70%	481 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD Gross Domestic Product Annualized

What happened lately

📆 🇺🇸 USD S&P Global Composite PMI in February preliminary estimate exceed forecast and rose to 50.2 points compared to previous figure 46.8 points in January. Source
📆 🇺🇸 USD S&P Global Services PMI in February preliminary estimate exceed forecast and rose to 50.5 points compared to previous figure 46.8 points in January. Source

What can we expect from USDJPY today?

USDJPY on Wednesday dropped -0.07% to 134.90. Price is above 9-Day EMA while Stochastic is rising but in overbought zone.

Updated daily direction for USDJPY looks mixed as the pair is likely to consolidate above 134.49 (S1).

Looking ahead today, we are looking at 135.23 or 135.19 (R1) as important resistance level while to the downside, the daily low of 134.36 and 134.49 (S1) as key support levels. USDJPY need to break on either side to indicate a short-term bias. A close below 134.36 would indicate selling pressure.

For the week to-date, take note that USDJPY is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

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Minutes of the Federal Open Market Committee, January 31–February 1, 2023 Source: Federal Reserve

Last updated: 11:39 pm UTC, 22-Feb 2023

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